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VanEck spot BTC ETF rejected by SEC as Bitcoin plunges to $62k
Bitcoin prices fell to $62,200 price levels as the United States' monetary authority, Securities and Exchange Commission (SEC), rejected the proposal of a Bitcoin spot ETF led by VanEck, a global investment manager.
VanEck spot BTC ETF rejected on the grounds of lack of surveillance
According to the notice released by the SEC, the VanEck spot Bitcoin ETF proposal is now rejected. Had the exchange-traded fund been approved, the gates for billions of dollars of institutional investment in Bitcoin would've opened. As mentioned by several crypto holders, the approval of a spot ETF is a 'seminal event' for BTC and, upon approval, could send the prices of the token soaring high.VanEck applied for the Bitcoin spot ETF in January, which would trade on the CBOE BZX Exchange. In the past, the firm has applied for the same multiple times, always failing. As Bitcoin rose towards all-time highs in Jan 2021 and interest in cryptocurrencies surged, VanEck applied once more. After months of discussion, the SEC has finally made the decision to reject a spot BTC ETF.
According to the SEC, the approval requires surveillance-sharing agreements as they "provide a necessary deterrent to manipulation because they facilitate the availability of information needed to fully investigate a manipulation if it were to occur."
The SEC also pointed out that if an exchange can establish that Bitcoin and the cryptocurrency market are "uniquely" and "inherently" resistant to fraud and manipulation, they don't need the surveillance-sharing agreements.
The absence of regulations, transparency, and the susceptibility of cryptocurrencies to frauds and manipulation is something that the SEC strongly disapproves of. As a result, SEC rejected the VanEck BTC ETF.
Bitcoin falls to $62,200
Eric Balchunas, the senior ETF analyst at Bloomberg, took to Twitter to announce the rejection of VanEck's ETF proposal. As a result, Bitcoin fell more than 3% in a matter of minutes, reaching as low as $62,200.However, the plunge wasn't too severe as Bitcoin was back above $63,000 at the time of writing. If the VanEck proposal would've been accepted, the crypto industry would change as we know it.
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